USDCHF – Looking to the Channel Base for Buy Signals

by Admin

USDCHF – For the 2nd day in succession .9360 acted as solid resistance in USDCHF yesterday with selling pressure (close to this level) resulting in USDCHF trading to the lowest level in 6 weeks. However, we have numerous support indicators between our current price (.9318) and .9290, the medium term buy trigger at the channel base. There is no clear sign that the trend has reversed (as yet) so we will look to .9290 to trigger our long today (but may send an early update). Stop can be placed at .9260.

Support levels are: .9308, .9294-90 and .9280.

Resistance levels are: .9323, .9342 and .9362.